Policygenius Releases August 2021 Life Insurance Price Index

NEW YORK, Aug. 4, 2021  Policygenius, the nation's leading online insurance marketplace, announced today the August data release of the Policygenius Life Insurance Price Index, which displays average monthly life insurance rates using current data from leading life insurance carriers. New data from this free index is published on a monthly basis to illuminate pricing trends for consumers.

The August index shows that life insurance prices remained stable from July to August 2021, with a negligible decrease for non-smokers of every demographic. This is despite a new report from The Centers for Disease Control and Prevention (CDC) that found an overall decrease in life expectancy. The report found that the average life expectancy in the U.S. fell by a year and a half in 2020, the biggest drop seen since World War II.

"The COVID-19 pandemic is an evolving, unprecedented situation and life insurers are continually assessing the restrictions and guidelines they've put in place during this time," Jennifer Fitzgerald, CEO and co-founder of Policygenius, said. "The good news for consumers is that life insurance pricing remains stable and there are plenty of options to get coverage."

Insurance rates can vary as the market fluctuates, as well as when a shopper's personal profile changes. Life insurance prices are primarily based on life expectancy, factoring in personal details about an individual, including age, medical history and hobbies. Prices also depend on the length of a policy and on the coverage amount a consumer opts to get.

The prices included in the Policygenius Life Insurance Price Index are based on internal actuarial rate tables for 11 of the life insurance carriers that offer policies through the Policygenius marketplace. The prices represent the average monthly premium for each sample customer profile[1] (age, gender) and policy type (term, coverage amount) as of the most recent publication date.

About PolicygeniusPolicygenius is the leading tech platform for financial protection, from insurance to wills. Since launching in 2014, Policygenius has helped more than 30 million people shop for all types of insurance and has placed more than $100 billion in coverage. Policygenius is an insurtech pioneer known for its emphasis on digital convenience and consumer education. The company has received numerous accolades including four consecutive years as an Inc. Magazine Best Workplace, being named to the Forbes Fintech 50 and winning a Bronze Stevie Award for customer service.

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For more information:Brooke NiemeyerAssociate Director of Media Relations[email protected] 

[1] Monthly averages are based on 11 products available through Policygenius for the indicated profile; rates for those products may vary by state, and not all products are available in all states. Individual rates may vary, depending on age, gender, state, health profile and other eligibility criteria.

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SOURCE Policygenius